Chapter 5 Assignment Saved 4 O Required information [The following information applies to the questions displayed below.) Part 1 of 2 points Hemming Co. reported the following current-year purchases and sales for its only product. Date Activities Units Acquired at Cost Units sold at Retail Jan. 1 Beginning inventory 295 units @ $13.80 = $ 4,071 Jan. 10 Sales 240 units @ $43.80 Mar. 14 Purchase 480 units @ $18.80 - 9,024 Mar. 15 Sales 420 units @ $43.80 July 30 Purchase 495 units @ $23.80 = 11,781 Oct. 5 Sales 465 units @ $43.80 Oct.26 Purchase 195 units @ $28.80 5,616 Totals 1,465 units $30,492 1,125 units eBook Hint Print 0 Required: Hemming uses a perpetual inventory system. 1. Determine the costs assigned to ending inventory and to cost of goods sold using FIFO, 2. Determine the costs assigned to ending inventory and to cost of goods sold using LIFO. 3. Compute the gross margin for FIFO method and LIFO method. References